Glencore sells Bolivian zinc assets to Santa Cruz Silver for $110 million

Global commodities giant Glencore Plc said on Tuesday that it had reached an agreement to sell its zinc business in Bolivia to Canada’s Santa Cruz Silver Mining for some $110 million.

In the deal, Glencore would initially receive $20 million, with a further $90 million to be paid within four years, the company said in a statement.

Bolivia is a global top 10 producer of zinc, with output of 330,000 metric tons in 2020, according to the U.S. Geological Survey, though that was down significantly from a year earlier.

Glencore’s Bolivian zinc assets include a 100% stake in Sinchi Wayra SA, which owns the Reserva, Tres Amigos and Colquechaquita mines, the Don Diego concentrator and power plants, the Sorocaya project and San Lucas.

It also has a 45% stake in Sociedad Minera Illapa SA, controlled by the state-owned Corporación Minera de Bolivia.

(By Daniel Ramos; Editing by Adam Jourdan and Jonathan Oatis)